You can use the setup menu in the Profile section of Lens Correction to tell Lightroom to always use a particular profile. Select the profile yourself, then from Setup choose 'Set new lens profile defaults'. Lightroom will apply this when it sees the lens in future.
We're seeing the first iteration of Photomerge here. It's not the same as PS, because it's creating something that's one step from a raw file. You have full control over the file as if it were a raw, except that it's already been demosaiced. It will certainly get better as time goes by. You're absolutely right that PS does a better job at the pano creation, so definitely use it if Lightroom gets it wrong.
Hope this helps a little,
So does that mean the Adobe engineers are aware of the panorama strange results like I've been getting? any feel for how long it will take them to fix it?
As for the lens profile, very strange indeed.
I set it to default and it correctly identifies the lens. What's strange is that if I set it to auto, my image has another eighth inch of image -- i.e. there's a twig showing at the edge of the image in auto mode that gets cut off in default mode! This happens for a sigma 24-70 zoom, where the auto setting shows no lens info and I had to tell it what the lens was from the selection that was in LR. In other words, LR has the lens in its database, but can't identify it from EXIF?
For my 85mm prime, there's no change in the size of the image between auto and default, I suppose because auto correctly finds the lens.
It'd be great to get the engineers to do a post similar to Eric Chan's one on GPU. In terms of updates, right now it's anyones guess with the LRCC/6 split. In the past the .1 version of a release had new features, but no further dot releases had. Only new profiles and camera support in those releases. We've seen Photoshop get constant updates as a CC product, so there is potential for the CC version to get features that the perpetual version won't past the first dot release. This is entirely speculation because there's simply nothing to go on.
The default thing is based on how a camera reads and write the profile to EXIF. Some cameras write a different variation so Lightroom needs to be told which is the right one. I've seen it with my 24-70, where one camera wrote 24-70 and another EF24-70.